Senomyx Announces Agreement for Three-Year Extension of Collaboration with Nestlé SA
Senomyx, Inc. announced an agreement for a three-year extension of the collaborative research phase under its initial discovery and development agreement with Nestlé SA. This agreement is focused on the discovery and commercialization of novel flavors and flavor enhancers in the dehydrated and culinary food and frozen food fields, among other product categories. Under the terms of the extension, based on research progress Nestlé has agreed to pay Senomyx incremental discovery and development funding of up to $6.6 million over a period of up to an additional three years. Upon commercialization, Senomyx will receive royalty payments based on sales of products containing flavors and flavor enhancers developed under the agreement.
Senomyx also has a second collaboration with Nestlé, which was entered into in 2004, for the discovery and commercialization of novel flavor ingredients in the coffee and coffee whitener fields.
"We are extremely pleased to extend our original collaboration with our world class partner, Nestlé. We believe this extension provides further validation of our taste receptor technology and commercial potential," stated Kent Snyder, President and Chief Executive Officer of Senomyx. "Our goal is to continue to leverage our discovery and development capabilities by establishing additional collaborations with market leading companies seeking to improve the nutritional profile of their products," added Snyder.
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